Articles and Tax Tips

Today it's common to face Form 1042-S reportable payment situations that just a few years ago would have been considered rare. This week we have some tips for you on what to watch out for when you are sending a payment to a foreign person who is living in the U.S.

On February 17, 2016 the IRS issued new guidance regarding the acceptance of electronically furnished Forms W-8 and W-9. This week let's take a look at these important new changes to your document collection and validation compliance requirements under the law.

U.S. Financial Institution's (USFI's) have a number of compliance requirements under FATCA (Foreign Account Tax Compliance Act). And though you may have heard that USFI's don't have to register under FATCA - there are times when they do, and as follows.

Last year you made non employee reportable payments that were withheld for an IRS Levy Form 668-W. Should that withheld amount be reported on a 1099-Misc in Box 4, or should a form 945 be completed for the withheld amount, or should you do both?

Though the IRS seems to be working hard at making this year's filing season a difficult one, for some accounts payable and tax professional a break has been granted. This week let's look at recent changes made to Form 1098-T related payments and filing.

The Affordable Care Act requires applicable large employers (ALE's) to file information returns with the IRS and employees. Here are some tips to make sure you have a smooth filing season when it comes to the new Forms 1094 and 1095-C.

This is important. Too many accounts payable and tax people that I speak with are still confused about when you must update the Forms W-8BEN they have on file and when they don't (particularly given all the updates in the law due to FATCA). This week let's take a look at what you need to do.